BRIEF-Grand Industrial's unit receives land compensation, to invest in index fund products

April 28 (Reuters) - Grand Industrial Holding Co Ltd

* Says unit signs agreement to receive land compensation of

156.4 million yuan ($22.68 million)

* Says unit and affiliates plan to invest up to 500 million

yuan in index fund products

Source text in Chinese:;

Further company coverage:

($1 = 6.8972 Chinese yuan renminbi)

(Reporting by Hong Kong newsroom)